About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

HSBC Selects Petra Financial for Payments Reference Data

Subscribe to our newsletter

HSBC has selected Petra Financial as a partner to provide a new tool that will allow the bank’s clients to validate BIC and IBAN details before the submission of a payment or, if required, to derive these details from a bank name, address and Basic Bank Account Number (BBAN), subject to counterparty verification. The tool, which is available to corporate clients either on a CD or online, has been dubbed Global Payments Directory BIC and IBAN.

The bank hopes that the tool will help its clients simplify cross border euro denominated payments and reduce repair fees, thus meeting the requirements of SEPA. It also claims that the solution will minimise the risk of payment delays or rejections.

Paul Nixon, senior product manager, financial institutions, global payments and cash management, Europe, HSBC Bank, explains: “The introduction of new standards in Europe has had an impact on many of our clients worldwide. For a variety of reasons, it has proved difficult for many of our financial institution and corporate clients to get hold of the information needed to complete a payment in accordance with the new standards. By teaming up with Petra Financial, we have been able to come up with a way of making it easier for our clients to achieve significantly higher STP levels.”

John Burton, marketing director for Petra Financial, says that the vendor and the bank have been discussing the project for four months. The vendor, which launched at last year’s Sibos, has been offering the tool online and it is the first time that it has been available on CD.

“We have signed nine clients to the Vortex service over the last year,” says Burton. “It is available in an online format or we can run it via a software as a service model.”
Europe is the focus of the vendor’s efforts in this space at the moment, he explains, as SEPA is driving banks to invest in the entity data space for payments validations. Petra Financial is also pushing its services in Asia, South Africa and the Middle East, but these markets require a different approach, according to Burton. “Europe tends to look at investments in this space as a method of reducing costs but Asia in particular looks at it as a method of improving customer service,” he says.

The vendor does have plans to expand into the US in the long term but this will not be in the near future, Burton concludes.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to maximise the use of data standards and identifiers beyond compliance and in the interests of the business

Data standards and identifiers have become common currency in regulatory compliance, bringing with them improved transparency, efficiency and data quality in reporting. They also contribute to automation. But their value does not end here, with data standards and identifiers being used increasingly for the benefit of the business. This webinar will survey the landscape of...

BLOG

Entrust in Talks to Acquire AI-Powered Identity Verification Specialist Onfido

Entrust, a provider of trusted identities, payments, and data security, is in exclusive discussions to acquire London-based Onfido, a provider of cloud-based, AI-powered identity verification (IDV) technology. If the acquisition completes, Entrust would add a compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions. It would also have an opportunity...

EVENT

RegTech Summit New York

Now in its 8th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Second Edition

Entity data management is this year’s hot topic as financial firms focus on entity data to gain a better understanding of customers, improve risk management and meet regulatory compliance requirements. Data management programmes that enrich the Legal Entity Identifier with hierarchy data and links to other datasets can also add real value, including new business...